Trends in the personal luxury good sector to watch out for

The personal luxury goods market is estimated to be worth US$307 billion in 2018 and is expected to continue growing over the next five years.

Once the domain of high net-worth individuals, the consumer demographics of this market have shifted significantly. Consequently, the personal luxury goods sector – which encompasses four main market segments: accessories, apparel, hard luxury including jewellery and beauty – is undergoing substantial changes as well.

The issues arising from these changes industry players should ponder include:

What are the main factors influencing this shift?

Who are the new cohorts of target customers fuelling the growth of the sector, and where are the largest groups located?

Which are the emerging markets that major luxury brands are expected to move into?

In what ways have customer behaviour and consumption patterns changed?

How have such changes impacted the ways in which business is conducted? And how can industry players better connect with and appeal to their target customers?

What kinds of strategies can employers in the sector adopt to differentiate themselves from the others, in order to attract and retain talent?

You’ll be able to obtain good insights pertaining to these questions in the RGF Asian Intelligence Consumer & Retail Outlook report, which includes relevant findings on hiring trends as well:

Customers in the luxury goods market expect a higher level of personalised service – how does this impact the kinds of talent being sought?

Total labour population (by market)

Labour distribution (by level)

Talent in the industry who changed job in the past year (by labour population)

Talent in the industry who are actively looking for a job change (by labour population).